CYTRX CORPORATION (NASDAQ:CYTR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 of Form 8-K, this Form 8-K/A is being filed for the
purpose of reporting that agreement.
Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers Compensatory
Arrangements of Certain Officers.
Employment Contract with Dr. Shanta Chawla
As previously disclosed, on June 13, 2017, Dr. Shanta Chawla was
promoted to the position of Senior Vice President Drug
Development. On June 16, 2017, CytRx entered into a new
employment agreement with Dr. Chawla with a term that commenced
as of June 13, 2017 and extends to June 13, 2018. Under her
employment agreement, Dr. Chawla is entitled to a base annual
salary of $450,000 and is eligible to receive an annual bonus as
determined in our discretion. Under the agreement, Dr. Chawla is
also eligible to receive, on December 17, 2017, the annual grant
of incentive stock options under our Amended and Restated 2008
Stock Incentive Plan, of a minimum of 120,000 incentive stock
options, in accordance with our customary practices and
procedures. The agreement provides that if the Company enters
into a strategic partnership with a third party enterprise around
a drug or drug candidate or if there is a sale or change of
control of CytRx, in either case on or before the expiration of
her employment agreement, Dr. Chawla shall be entitled to a bonus
of $90,000. In addition, if CytRx or any successor, for any
reason or no reason, terminates Dr. Chawla’s employment prior to
December 13, 2017, she shall be entitled to receive a lump-sum
payment on the date of termination equal to her base annual
salary for a period of six months and, if such termination occurs
after December 13, 2017 but prior to June 13, 2018, Dr. Chawla
shall be entitled to receive a lump-sum payment equal to her base
annual salary through the remainder of the term. Neither CytRx
nor Dr. Chawla have any obligation to extend or renew her
employment agreement past the initial term.
There is filed as part of this report, the exhibit listed on the
accompanying Exhibit Index, which information is incorporated
herein by reference.
CYTRX CORP ExhibitEX-99 2 exh99_ea2017chawla.htm SHANTA CHAWLA,…To view the full exhibit click
here About CYTRX CORPORATION (NASDAQ:CYTR)
CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The Company is focused on the clinical development of aldoxorubicin, its modified version of the chemotherapeutic agent, doxorubicin. It is engaged in Phase III trials for aldoxorubicin as a therapy for patients with soft tissue sarcoma (STS) whose tumors have progressed after treatment with chemotherapy. It is also involved in evaluating aldoxorubicin in a Phase IIb clinical trial in small cell lung cancer; a Phase II clinical trial in human immunodeficiency virus-related Kaposi’s sarcoma; a Phase II clinical trial in patients with late-stage glioblastoma (brain cancer); a Phase Ib trial in combination with ifosfamide in patients with STS, and a Phase Ib trial in combination with gemcitabine in subjects with metastatic solid tumors. It is engaged in the pre-clinical development for DK049, an anti-cancer drug conjugate that utilizes its Linker Activated Drug Release (LADR) technology.